The Chinese project, coming on top of investments in Sri Lanka, Bangladesh and the Maldives raised disquiet in India about China’s expanding reach in the region and prompted faster movement on the Iranian project.
Advertisement
During his May 22-23 Tehran trip, Modi will hold talks with Iranian President Hassan Rouhani and Iran’s supreme leader Ayatollah Ali Khamenei.
“The agreement to develop Chabahar port for which India will provide $500 million is a key milestone”, Modi said.
– In our meeting today we focused on the full range of our bilateral agreements.
The MoU, signed by Arun K. Gupta, Managing Director, IPGPL, and Ebrahim Yaseri, Managing Director of Arya Banader, will be counter signed by Alok Srivastva, Additional Secretary, Ministry of Shipping of India, and Saeednejad, Chairman of Ports and Maritime Organization of Iran.
Mr Rouhani said the trilateral agreement for development Chabahar airport would go a long way in promotion of regional connectivity giving India access to Afghanistan and other CIS countries. Our public and private sectors are keen to invest in Iran.
He applauded the efforts of the Sikh community in Iran for preserving and spreading the culture and tradition of India. “We have shared interests in each other’s growth and prosperity, joys and sorrows”, said PM Modi.
Praising the Persian heritage, the PM said, “The beauty and richness of the Persian heritage has attracted the world to Iran”.
Sources added that no definitive contract for the development of the field would be signed during Modi s visit as Iran is yet to agree to $4.3 billion master development plan submitted by OVL.
Mr Modi’s first visit to the Shia nation will also feature discussions on terrorism and extremism in the region as well as on India’s desire to secure energy assets for a fast growing economy.
Earlier this morning, he was given a guard of honour in the presence of President Hassan Rouhani.
Indian Prime Minister Narendra Modi is headed to Iran on Sunday where he will witness the signing of several economic agreements with the Islamic Republic.
Advertisement
Indian Prime Minister Narendra Modi is all set to meet US President Barack Obama in Washington next month and he will also enjoy the rare honour of addressing both houses of the US Congress.
